OFFSHORE UPDATEFloating ProductionFloating Production inventory continues to grow; 27% higher than ? ve years agoBY JIM MCCAUL, IMAhe number of ? oating pro- this overall ? gure disguises a relatively Production Floater Orders orders is more than 50% higher than in duction systems continues to high concentration within a few compa- Sixty-eight production ? oaters are cur- mid-2012. Included in the current order grow; 349 ? oating production nies. The top six FPSO owners own 95 rently on order. The ? gure includes 36 backlog are six speculative FSRUs be-Tunits are now in service, on or- units, or 45% of the FPSOs in service, FPSOs, 14 other oil/gas production units ing built without a use contract, re? ect-der or off-? eld/being remarketed. This available or on order. The remaining and 18 LNG processing units. In the ing the bullish market for regasi? cation inventory is 5% higher than a year ago, 55% is spread over 60 owners, more later are four ? oating liquefaction plants terminals. 27% higher than ? ve years ago. than half of which own only one FPSO. and 14 regasi? cation terminals. The or- The market over the ? rst two months Current Inventory: Of the total, 320 Field operators own 52% of the FPSOs. der backlog has remained around 70 of 2014 has picked up a bit. Three pro-units are used for oil/gas production. Petrobras is clearly the dominant player. units since mid-2012. But the composi- duction ? oater orders were placed in Included in this ? gure are 211 FPSOs. It owns 28 units, 13% of the total FPSO tion of orders has changed. In the cur- January/February. They are the most common type system, inventory. Other ? eld operators with rent order backlog are signi? cantly few- • Petronas ordered a second comprising 65% of the existing systems large FPSO ownership are CNOOC (14 er FPSOs (49 on order in mid-2012 vs. FLNG for use on the Rotan ? eld and 72% of the systems on order. The units), ExxonMobil and Total (each sev- 36 now) and more regasi? cation ? oaters off Malaysia. The $2+ billion EPC remaining consists of 10 production en units), and BP, Chevron and Shell (5 (9 on order in mid-2012 vs. 14 now). contract was awarded to Samsung/barges, 48 semis, 23 spars and 28 TLPs. units each). Fewer FPSOs on order re? ects the JDC. Delivery is scheduled in 2018.Another 29 units are ? oating LNG pro- Leasing operators own the remaining slowdown in FPSO contracts during the • ENI ordered a production barge cessing systems. This ? gure includes 48% of the FPSOs. SBM is the largest past year. Only 11 FPSOs were ordered for use on the Jangkrik ? eld off Indone-four liquefaction ? oaters (FLNGs), all leasing company. It owns 17 units, 8% of in 2013, down 20% from the average sia. The $1.1 billion EPCI contract was of which are on order, and 25 regasi? - the inventory. Next in line are BW Off- ordering pace over the past 10 years. awarded to Saipem/Hyundai/Chiyoda/cation terminals (FSRUs) . Several of shore and Modec (each 13 units), Teekay FSRUs on the other hand have been hot Tripatra. Delivery is to be at end 2016.the 11 active FSRUs are interim regas (10 units), Bumi Armada (7 units) and items. The current backlog of FSRU • Exmar/Paci? c Rubiales ordered units being used until the long term unit Bluewater (5 units). In terms of control is delivered. In addition, 102 ? oating of FPSOs, Petrobras is the gorilla in the storage units are in service, on order or sector. Counting both owned and leased Top FPSO Owners In Terms of available. (See Chart Below). units, Petrobras has 52 FPSOs under its Number of FPSOs Ownedcontrol – 25% of the FPSOs inventory. FPSO Owners A list of the top FPSO owners is, right. (As of March 1, 2014)www.imastudies.com There are 66 owners of FPSOs, but The full list on .Owner Type In Service Available On Order TotalPetrobras FO 15 1 12 28Number of Floating Production and Storage Units SBM LC 9 3 5 17In Service, On Order or Available for ReuseCNOOC FO 11 2 1 14BW Offshore LC 12 1 - 13(As of March 1, 2014)Modec LC 9 - 4 13Teekay LC 8 1 1 10 Total Active On Order AvailableBumi Armada LC 5 - 2 7ExxonMobil FO 7 - - 7Oil/Gas ProductionTotal FO 5 - 2 7FPSO 211 156 36 19Bluewater LC 4 1 - 5Production Barge 10 8 2 05 BP FO 3 1 1 Production Semi 48 40 4 4Chevron FO 5 - - 5Production Spar 23 18 4 1Shell FO 5 - - 5TLP 28 24 4 0Woodside FO 4 - - 4Total 320 246 50 24ENI FO 2 - 1 3Fred Olsen LC 3 - - 3LNG ProductionOSX LC 1 2 - 3FLNG 4 0 4 0Petrofac LC 2 1 - 3 FSRU 25 11 14 0Statoil FO 3 - - 3 Storage SystemsLegend: LC = Leasing Contractor; FO = Field OperatorFSO 102 91 10 1Note: Some units jointly owned with other companies10 Maritime Reporter & Engineering News • MARCH 2014MR #3 (10-17).indd 10 MR #3 (10-17).indd 10 3/4/2014 9:52:49 AM3/4/2014 9:52:49 AM